Auxilo Education Loan
| Feature | Detail |
|---|---|
| Loan Amount | 100% COA INR 40 Lakhs for Unsecured Loans INR 1 Cr for Secured loans |
| Interest Rate | 10.25% onwards |
| Interest Rate Type | Floating Rates |
| Minimum Income | Flexibility in Parents income |
| Repayment | Partial interest payment during the moratorium period |
| Processing Fees | 0.5 - 1.5% |
| Margin Money | Up to 100% expenses are covered |
| Loan Tenure | Up to 12 years |
| Processing Time | 7-10 days |
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How Does an Auxilo Finance Student Loan Benefit Me?
Quality Help from A Trusted Leader in the Industry
- Auxilo has transformed the aspirations of over 10,000+ students pursuing their study abroad higher education across 25+ countries, 1100+ universities.
- Auxilo has been a driving force behind the growth of 150+ educational institutions.
- Awarded As The “Best Education Loan Provider 2022" By National Awards For Leadership & Excellence
- Awarded As the “Most Preferred Education Loan Provider” by Higher Education Digest
- Appreciated Under “The Most Promising NBFC To Watch 2022." by Business Connect
Loan Assistance Catered to Your Specific Study Abroad Journey
- Comprehensive Coverage: Get 100% financing for everything, from pre-admission costs to course fees, airfare, and more.
- Irresistible Rates: Enjoy attractive interest rates that won't break the bank.
- Flexibility is Key: Repay your loan on your terms with flexible options tailored to your convenience.
- "Swift Loans in 24 hours” through this feature a student can easily do the following
- Instant Access
- Document Upload: Share your documents.
- 24-Hour Approval: Get your loan sanctioned within a day
Straightforward Process with No Hassle
- Customised loan options.
- Loan sanctions are hassle-free and quick.
- Repayment Duration Up to 12 years
Free Assistance from Nomad Credit
- Nomad Credit will assist you in your entire loan option process completely free of charge
Am I Eligible for an Auxilo Education Loan?
Study Abroad Student Loan Eligibility
- Age: Be at least 18 years old.
- Citizenship: Must be an Indian citizen.
- Admission Confirmation: Ensure you have admission confirmation.
- Co-Borrower: Your application needs a co-borrower earning in India.
Co-applicant Requirements
To secure a loan, you'll need a co-applicant with:
- Income Stability: They must have a steady source of income.
- Positive Credit History: A good credit record is a must.
- Relationship Flexibility: Co-applicants can be family members or legal guardians.
- Wide Range: Eligible co-applicants include parents, siblings, spouses, and more.
What are my next steps?
- Get started by registering your interest and telling us more about your study plans. Nomad Credit will help you get everything ready so that applying for funding is effortless.
- Send us the required documents needed to process your loan option and Nomad will organize and send your file to Auxilo Finance if you are eligible.
- A Nomad Education Loan Option Manager will provide you updates of when your loan option is successfully logged in and sanctioned.
- Once you get your application and documents verified by the authorities at Auxilo, you can get your loan structured as per your needs.
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What documents do I need?
For Applicants:
- PAN or Form No. 60 as defied in Income-Tax Rules, 1962
- Know Your Customer (KYC) documents: Permanent Account Number (PAN) card, Aadhar card
- Academic documents: SSC, HSC, graduation
- Passport
- Driving License
- NREGA Card (National Rural Employment Guarantee Act)
If the documents mentioned above don't have an updated address, then the applicant can use the following documents:
- Fresh Utility Bill: A bill from any service provider (electricity, telephone, post-paid mobile, piped gas, or water) dated within the last two months.
- Tax Receipt: Present your property or Municipal tax receipt as a solid proof of address.
- Pension PPOs: If you're a retired government or PSU employee, PPOs with your address are acceptable.
- Employer's Allotment Letter: A letter of accommodation from certain employers, including government departments, regulatory bodies, and more, can also serve as valid proof
For Co-Applicant:
Salaried
- Aadhar Card
- PAN Card
- Passport-sized photograph
- Salary Slips / Salary Certificate (Last 3 months)
- Income Tax Returns (Last 3 years)
- 6-month Bank Statement
Self- Employed
- Aadhar Card
- PAN Card
- Passport-sized photo
- Business Proof
- Income Tax Returns (Last 3 years)
- 6-month Bank Statement
Frequently Asked Questions
Who is eligible for an education loan?
- Indian Residency: You must be an Indian resident.
- Confirmed Admission: Secure admission to recognized institutions, in India or abroad.
- Age Range: Your age should be 18 to 35 when applying.
- Educational Pursuit: Pursue graduate/postgraduate degrees or PG diplomas.
- Approved Institutions: Opt for colleges or universities affiliated with UGC/AICTE/Govt.
- Co-Applicant Requirement: Full-time students need a co-applicant like a parent/guardian or spouse/parent-in-law.
- Steady Income: Your co-applicant should have a stable income source.
- Academic Record Matters: A strong academic record can expedite approval
Who qualifies as a co-applicant for my education loan application?
Your co-applicant can be your parents, siblings, parent-in-law, or spouse.
On what basis is my study abroad education loan evaluated?
- Comprehensive Assessment: Auxilo employs a thorough evaluation process.
- Key Parameters: Factors like university/course popularity and co-applicant's creditworthiness shape the eligibility criteria.
Is there a difference in the required documents for an education loan depending on the institution?
- Common Requests: Most institutions will ask for documents like proof of where you live, your age, and your income.
- Unique Needs: But, each institution might also have its own set of documents based on their specific eligibility criteria for student loans.
How to Improve Your Educational Loan Eligibility?
- Ace Those Exams: Maximize eligibility by excelling in your qualifying exams. High scores open doors.
- Choose Wisely: Opt for a renowned institute or university—top-tier choices boost your chances.
- Academic Excellence: Showcase your strong academic track record as evidence of your commitment to education.
- Future Promise: Demonstrate a bright future with potential for employment or income generation.
- Financial Strength: A robust financial background from parents, guardians, or co-borrowers can enhance your eligibility.